Business, 17.04.2020 03:36 tyreshagarrett123

Robert has a passion for making ice cream. Assume that ice cream parlors have a market structure of monopolistic competition. Between the local Amy's, Cold Stone Creamery, Marble Slab, Ben & Jerry's, and Baskin Robbins, he has an uphill battle to break into the local ice cream market.

How might Robert differentiate his ice cream shop, JubJub's, so that he can garner some market power?

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Answer from: errr5529

In order to differentiate his ice cream Scoop, Robert has to do the following:

He has to put his ice-cream a t a price that would be appealing to the crowd.He has to open his business close to a place that has available market.He has to create a product that is different from what his competitors are doing.

A monopolistically competitive market can be described as a market that is characterized with many people selling homogenous but yet differentiated goods.

In other to have differentiated goods, a business would try to offer better services than competitors, be innovative, have a strategic location, have quality products.

If Robert does this, he would be able to garner some market power.

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